AMERICAN SALARS ACQUIRES HIGHLY PROSPECTIVE PROPERTY NEXT TO SAYONA MINING’S LAC SIMARD LITHIUM MINE, QUEBEC
American Salars Lithium has signed an agreement to acquire the Lac Simard South Project in Quebec, consisting of 3,672.75 hectares across 64 claim blocks. The property is adjacent to Sayona Mining's Lac Simard property, which has sampled 2.1% Lithium and 5.88% Tantalum Oxide. Located 80 km southwest of Sayona's Authier lithium project, the acquisition marks American Salars' re-entry into Quebec. The company will acquire 100% interest by issuing 50,000 common shares to Quartier Mineral The project is situated in an active lithium exploration region with accessible infrastructure and proximity to a fully operating lithium concentrator.
American Salars Lithium ha firmato un accordo per acquisire il Progetto Lac Simard South in Quebec, che si estende per 3.672,75 ettari su 64 appezzamenti. La proprietà è adiacente alla proprietà Lac Simard di Sayona Mining, dalla quale sono stati prelevati campioni che contengono il 2,1% di Litio e il 5,88% di Ossido di Tantalio. Situato a 80 km a sud-ovest del progetto di litio Authier di Sayona, l'acquisizione segna il rientro di American Salars in Quebec. L'azienda acquisirà il 100% di interesse emettendo 50.000 azioni ordinarie a Quartier Mineral. Il progetto si trova in una regione attiva per l'esplorazione del litio, con infrastrutture accessibili e vicinanza a un concentratore di litio completamente operativo.
American Salars Lithium ha firmado un acuerdo para adquirir el Proyecto Lac Simard South en Quebec, que consta de 3.672,75 hectáreas distribuidas en 64 bloques de reclamación. La propiedad es adyacente a la propiedad Lac Simard de Sayona Mining, que ha muestreado un 2,1% de Litio y un 5,88% de Óxido de Tantalio. Ubicado a 80 km al suroeste del proyecto de litio Authier de Sayona, la adquisición marca la reentrada de American Salars en Quebec. La compañía adquirirá un interés del 100% emitiendo 50.000 acciones comunes a Quartier Mineral. El proyecto se encuentra en una región activa de exploración de litio, con infraestructura accesible y cercanía a un concentrador de litio totalmente operativo.
아메리칸 살라스 리튬은 퀘벡의 락 시마르 남쪽 프로젝트를 인수하기 위한 협약을 체결했습니다. 이 프로젝트는 64개의 클레임 블록에 걸쳐 3,672.75헥타르에 달합니다. 해당 지역은 세이요나 마이닝의 락 시마르 프로젝트와 인접해 있으며, 여기에서는 리튬 2.1%와 탄탈산 산화물 5.88%가 샘플링되었습니다. 세이요나의 오티에르 리튬 프로젝트에서 남서쪽으로 80km 떨어져 위치하고 있는 이 인수는 아메리칸 살라스의 퀘벡 재진입을 뜻합니다. 이 회사는 Quartier Mineral에 50,000주 일반 주식을 발행함으로써 100%의 지분을 인수할 것입니다. 이 프로젝트는 접근 가능한 인프라와 완전히 운영 중인 리튬 농축기와의 근접성 덕분에 활발한 리튬 탐사 지역에 위치하고 있습니다.
American Salars Lithium a signé un accord pour acquérir le Projet Lac Simard Sud au Québec, qui s'étend sur 3 672,75 hectares répartis sur 64 blocs de revendication. La propriété est adjacente à celle de Sayona Mining, Lac Simard, qui a prélevé des échantillons contenant 2,1% de lithium et 5,88% d'oxyde de tantale. Située à 80 km au sud-ouest du projet de lithium Authier de Sayona, l'acquisition marque le retour d'American Salars au Québec. La société acquerra un intérêt de 100 % en émettant 50 000 actions ordinaires à Quartier Mineral. Le projet est situé dans une région d'exploration du lithium active, avec une infrastructure accessible et à proximité d'un concentrateur de lithium entièrement opérationnel.
American Salars Lithium hat eine Vereinbarung zur Übernahme des Lac Simard South Projekts in Québec unterzeichnet, das sich über 3.672,75 Hektar in 64 Anspruchsblöcken erstreckt. Das Grundstück grenzt an das Lac Simard Grundstück von Sayona Mining, wo Proben 2,1% Lithium und 5,88% Tantaloxid zeigten. Etwa 80 km südwestlich des Lithiumprojekts Authier von Sayona gelegen, markiert die Übernahme die Rückkehr von American Salars nach Québec. Das Unternehmen wird 100% des Anteils erwerben, indem es 50.000 Stammaktien an Quartier Mineral ausgibt. Das Projekt liegt in einer aktiven Lithiumexplorationsregion mit zugänglicher Infrastruktur und in der Nähe eines vollständig betriebenen Lithiumkonzentrators.
- Strategic acquisition adjacent to Sayona Mining's property with proven lithium deposits
- Property located in established mining region with existing infrastructure
- Access to operating lithium concentrator reduces potential future capital expenditure
- 100% ownership acquired for minimal share issuance (50,000 shares)
- Early-stage exploration project with no proven resources yet
- Additional capital required for exploration and development
VANCOUVER, BC, Oct. 30, 2024 (GLOBE NEWSWIRE) -- AMERICAN SALARS LITHIUM INC. ("AMERICAN SALARS" OR THE "COMPANY") (CSE: USLI, OTC: USLIF, FWB: Z3P, WKN: A3E2NY) announces it has signed a Mineral Claims Purchase Agreement (the “Agreement”) with an arm’s length vendor to acquire
The
The Company intends to begin planning for a comprehensive work program to identify targets and test areas of immediate interest in this active lithium exploration, production and processing region of mining friendly Quebec. Sayona Mining Limited’s Abitibi Hub, comprised of its North American lithium, Authier Lithium and Tansim lithium projects are located nearby and boast a staggering aggregate measured and indicated resource of 111 million tonnes grading 1.14 % lithium, the largest lithium resource in Quebec.
Figure 1. Area of immediate interest
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This lithium hub is more readily accessible, providing relatively lower cost exploration, than James Bay, and the area is home to a fully operating Lithium concentrator and planned lithium carbonate/hydroxide conversion plant thereby reducing the need for redundant processing downstream solutions and capital expenditure in the event of an economic discovery.
American Salars CEO & Director R. Nick Horsley states, “This is the Company’s first re-entry point into Quebec with the intention of building a strategic portfolio of hard rock lithium projects to compliment our lithium brine assets. The Company’s long-term belief in a lithium price rebound is steadfast and now is the time to build a multi-jurisdictional lithium company.”
Figure 2. Lac Simard South Regional Map
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Figure 3. Lac Simard South Claims Map
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Property Geology
The Lac Simard South property is underlain by the large monzodiorite batholith of Lac Simard Sud. This batholith is pinkish grey in color and is composed of plagioclase, K-feldspar hornblende with minor amount of epidote and quartz. Quartz-monzodioritic dykes and sills are observed at the margin of this intrusion. The Ni-Cu Laforce showing explored by Kerr Addison Gold Mines Ltd. and more lately by Fieldex Exploration (2007) lies about 1 km south of the Property and is underlain by a large granite batholith intrusive. The showing explored by Kerr Addison Gold Mines Ltd. is in a mass of amphibolite surrounded by pink granite but not far from the western edge of the granite batholith. The rock is composed of grey feldspar hornblende, the hornblende constituting from 40 to
The Transaction
American Salars has entered into an agreement with Quartier Mineral Ltd of Quebec, whereby American Salars is acquiring a 100-per-cent interest in the Lac Simard South project by issuing to the vendor 50,000 common shares.
Additional projects are still being reviewed and will be subject to further disclosure once due diligence is completed and a deal is completed.
American Salars’s management cautions that past results or discoveries on properties in proximity to American Salars may not necessarily be indicative of the presence of mineralization on the Company's properties.
Qualified Person
Mitchell Lavery, P.Geo. (QC), a Qualified Person as defined under NI 43-101 regulations, has reviewed the technical information that forms the basis for The Lac Simard portion of this news release, and has approved the disclosure herein.
American Salars global lithium portfolio consists of two advanced lithium resources in Argentina and our advancing USA lithium asset in Nevada.
The Company’s existing portfolio of lithium deposits including two NI 43-101 Compliant Inferred Mineral Resource Estimates (“MRE”) consisting of 457,000 tonnes Lithium Carbonate Equivalent (“LCE”) at the Candela 2 Lithium Brine Project (“Candela”) and a shared MRE at the Pocitos 1 Lithium Brine Project (“Pocitos”) consisting of 760,000 tonnes LCE. The Pocitos MRE is shared with neighbouring Pocitos 2 which is not under contract or owned by USLI, however it is important to note that none of the drilling that makes up a partial basis for the MRE took place on the Pocitos 2 block. Both brine projects are located in Salta Province, Argentina.
Recently, mining giant Rio Tinto made an additional investment into Argentina, with an all-cash transaction to acquire Argentina lithium producer Arcadium Lithium for US
About Pocitos 1 Lithium Deposit
WSP Australia completed an update of the NI 43-101 report initially written by Phillip Thomas QP in June 2023 and estimated on an inferred basis using a block model with
The Pocitos 1 project is located approximately 10 kilometers from the township of Pocitos where there is gas, electricity, and accommodation. Pocitos 1 is approximately 800 hectares (1,977 acres) and is accessible by road. Collective exploration since 2017 totals over US
Lithium values of 169 ppm from drill hole PCT22-03 packer test assayed from laboratory analysis conducted by Alex Stewart were recorded during the project’s December 2022 drill campaigns. A packer sampling system was used in HQ Diamond drill holes that were drilled to a depth of up to 409 metres. The flow of brine was observed to continue for more than five hours with all holes exhibiting exceptional brine flow rates. An NI 43-101 updated report completed by WSP Australia has been released on the Pocitos 1 project.
Ekosolve Ltd. a DLE technology company was able to produce
Figure 4. Drilling at Pocitos 1 Lithium Brine Project (Salta, Argentina)
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About Candela II Lithium Deposit
The Candela II Lithium deposit is on the southern and lowest end of the Incahuasi Salar, located in the Province of Salta, Argentina. Candela II is situated approximately 45 kilometers from town of Tolar Grande, 267 kilometers from Salta, and close in proximity to advanced and renowned lithium salars such as Arizaro (Lithium Chile) and Pocitos (Hanaq). Volcanoes Cerro Aracar, Medina and Pular contribute lithium to the Incahuasi salar through aquifers.
The Candela II Lithium Brine Project contains a National Instrument 43-101 mineral resource estimate (“MRE”) completed by WSP Australia Pty. Ltd. (see Spey Resources Corp. news dated September 26th, 2023). This NI 43-101 resource report estimates the project to contain lithium metal of 86,000 tonnes which equates to 457,500 tonnes of in-situ lithium carbonate equivalent (LCE) and a lithium yield of 48,000 tonnes of LCE from 9,000 tonnes of lithium metal. The calculations assume no losses from lithium metal and a porosity average that will be updated in the next drilling phase.
Figure 5. Road on Candela II Lithium Brine Project 2022 (Salta, Argentina)
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Qualified Person
Phillip Thomas, BSc Geol, MBusM, FAusIMM, MAIG, MAIMVA, (CMV), a Qualified Person as defined under NI 43-101 regulations, has reviewed the technical information that forms the basis for portions of this news release regarding Argentina properties, and has approved the disclosure herein. Mr Thomas is a shareholder of American Salars lithium shares.
Mitchell Lavery, P.Geo. who is a qualified person within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information regarding the Quebec properties contained in this press release.
About American Salars Lithium Inc.
American Salars Lithium is an exploration company focused on exploring and developing high-value battery metals projects to meet the demands of the advancing electric vehicle market. The company's Pocitos 1 and the Candela II lithium salar projects in Argentina both feature a NI 43-101 inferred resource.
All Stakeholders are encouraged to follow the Company on its social media profiles on LinkedIn, Twitter, TikTok, Facebook and Instagram.
On Behalf of the Board of Directors,
“R. Nick Horsley”
R. Nick Horsley, CEO
For further information, please contact:
American Salars Lithium Inc.
Phone: 604.740.7492
E-Mail: info@americansalars.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding American Salar’s intention to continue to identify potential transactions and make certain corporate changes and applications. Forward looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance, or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits American Salars will obtain from them. These forward-looking statements reflect managements’ current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause actual results to differ materially from those expressed or implied by the forward-looking statements, including American Salars results of exploration or review of properties that American Salars does acquire. These forward-looking statements are made as of the date of this news release and American Salars assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements, except in accordance with applicable securities laws.
FAQ
What is the size of American Salars' new Lac Simard South Project acquisition?
How much did American Salars (USLIF) pay for the Lac Simard South Project?
What are the lithium grades reported in the adjacent Sayona Mining's Lac Simard property?
Where is the Lac Simard South Project located relative to other lithium projects?
